Tempiute Update–Historical Schofield Mine Acquired

Guardian Metal Resources plc (LON:GMET, OTCQX:GMTLF), a recent United States Department of Defense ("DoD") award recipient and mineral exploration development company focused on tungsten in Nevada, USA, is pleased to announce the further expansion of the Tempiute tungsten project ("Tempiute" or the "Project"). Tempiute, formerly known as the Emerson Tungsten Mine, is located in south-central Nevada less than 250 miles (402 km) southeast of the Company's Pilot Mountain tungsten project.

As part of its ongoing systematic evaluation of Tempiute-historically one of the top tungsten-producing mines in the United States-Guardian Metal identified multiple zones of exposed tungsten mineralisation adjacent to the Company's existing Tempiute land holding.

Guardian Metal has now completed the acquisition of these mineralised zones via a direct purchase agreement covering 18 Bureau of Land Management ("BLM") unpatented Lode Mining Claims, one BLM Placer Claim, and three BLM Mill Site Claims. Notably, the lode claims cover the historical Schofield open-pit mine. As a result, the Company has significantly strengthened its 100%-owned and optioned property portfolio within this exciting district.

Oliver Friesen, CEO of Guardian Metal, commented:

"The acquisition of these sub surface rights is another very positive step towards unlocking the full potential of the Tempiute district. The newly purchased claims provide royalty free ownership of the historical open-pit Schofield mine and further expand the overall footprint of the Tempiute Project.

"Building on last week's significant progress, we are now well-positioned to rapidly expand operations at Tempiute. With this key ground now secured, investors can look forward to a steady stream of news in the months ahead as multiple geophysical surveys commence and the Company launches its inaugural diamond drilling campaign at Tempiute.

"Guardian Metal will be pushing this exciting project forward in parallel with Pilot Mountain, towards our ultimate goal of providing the United States with a domestically mined source of tungsten."

HIGHLIGHTS

§ 18 additional BLM Lode Mining Claims acquired adjacent to Guardian Metal's existing claim holdings, further expanding the Tempiute Project footprint.

§ There is potential to define near-surface resources at the historical Schofield Mine, where only small-scale mining occurred in the past. Further mineralisation beneath the mine was confirmed by Union Carbide Corporation in the late 1970s.

§ New ground covers additional mineralised exposure around the North Stock (Figure 1) where recent exploration discoveries indicate that the eastern edge of the North Stock contains high grade tungsten-bearing skarn mineralisation (Table 1).1

§ Sampling on the newly acquired claims is now underway with results to be released in the coming weeks.

§ Direct purchase agreement signed includes 100% ownership of all the claims which are now directly held by Guardian Metal's wholly-owned US subsidiary with no royalties (Table 1). The total purchase price for the claims was US $40,000.

§ With the recently received United States DoD US $6.2M award for Pilot Mountain and the completed US $21M equity raise, operations across the business, at both Pilot Mountain and Tempiute, will expand significantly with the robust exploration and drilling programme at Tempiute to commence soon.

ADDITIONAL SUBSURFACE RIGHTS ACQUIRED

Guardian Metal has completed a purchase agreement to acquire 18 unpatented BLM Lode Mining Claims, three Mill Site Claims and one Placer Mining Claim located adjacent and near to Tempiute (Table 1). This acquisition further expands Guardian Metal's footprint at the Project, whilst adding additional exploration targets and strategic land for drilling down-dip extensions of surface-exposed tungsten-bearing skarn mineralisation.

Table 1: US Bureau of Land Management Lode, Placer and Mill Site Claims Acquired.

NEXT STEPS

The Company is finalising plans for an extensive geological mapping programme over the North Stock focusing on contacts with the calcareous host rocks which are often metasomatically mineralised to create tungsten-bearing skarns. A further campaign will be focused around the newly acquired ground at the South Thumb Skarn area (Figure 1). Both campaigns will include significant geochemical sampling which is now underway.

Additionally, multiple geophysical programmes will commence shortly, which include a high-resolution drone magnetics survey, as well as a high-resolution induced polarisation ("IP") survey that will contain multiple cross-sections over fertile intrusive and projected tungsten skarn-zones. A drill rig has been secured and preparations for the upcoming drilling campaign are well underway with further updates expected in due course.

MEDIA

Figure 1: Tempiute Overview Map

Figure 2: Contact of the Mineralised Tungsten-Skarn (Brown) and the unmineralised Marble (Grey) at the historical Schofield Mine area.

References:

1: https://www.londonstockexchange.com/news-article/GMET/tempiute-mine-project-significant-assay-results/17109219